Nafta naphtha
A long-overdue easing of a protectionist export ban
WHEN the economics textbooks of the future are written, America’s ban on crude-oil exports will be a fine example of the perverse effects of protectionism. Similarly, a decision by Barack Obama’s administration on August 14th to allow American firms to swap some oil with Mexico, so easing the restraint, will earn an honourable footnote in the story of the ban’s inevitable demise.
This article appeared in the Finance & economics section of the print edition under the headline “Nafta naphtha”
From the August 22nd 2015 edition
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The great-man theory of Wall Street
Why finance is still dominated by bold individuals
Hong Kong’s property slump may be terminal
Demographics and geopolitics will make a recovery harder
Why everyone wants to lend to weak companies
An unanticipated side-effect of Donald Trump’s election victory
American veterans now receive absurdly generous benefits
An enormous rise in disability payments may complicate debt-reduction efforts
Why Black Friday sales grow more annoying every year
Nobody is to blame. Everyone suffers
Trump wastes no time in reigniting trade wars
Canada and Mexico look likely to suffer